domestic bond

The government of Ghana announced plans here on Friday to raise some three billion US dollars from people of African descent living across the globe for development.

The minister for finance Kenneth Ofori-Atta, who announced this at a press conference, said the initiative would be launched through an African Diasporan Savings and Investment Accounts to be known as the African Sankofa Accounts.


“It will be an instrument that will give opportunities to the average African American, or blacks in the Caribbean and all people of African descent to participate in,” the minister told the media.

Ofori-Atta explained that the initiative, which would start in the first quarter of 2020, was a follow-up to the success of the Year of Return activities, which brought people of African descent living across the world to visit Ghana throughout last year.

He noted that Africa should be able to tap into the 1.8 trillion US Dollars purchasing power of blacks in America for its development.

He urged the African descendants across the world to invest in real estate, agriculture, technology development, and tourism, among other opportunities in Ghana and other African countries.

Ghana received an average of 2.2 billion dollars annually in remittances from abroad from 2016 to the third quarter of 2019.

The head of the diasporan African Forum Mission of the AU based in Ghana Ericka Bennett, lauded the initiative, urging the government of Ghana to engage more with the Africans from the diaspora living and working in Ghana in its desire to deal with Africans in the diaspora.

There were 760,000 visitors to Ghana between January and September 2019 to participate in the Year of Return activities, which ended in December, with one the ministry of tourism expecting this figure to increase to one million by the end of 2019. Enditem


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